Practicing good business relations in the Animal Science Industry

What kinds of records should businesses keep? Assets Liabilities Net worth Profit and loss statement Cash receipts Non-cash receipts Invoice

Assets Things that one owns and completely pays for. Example: Your car after all payments have been made.

Assets Current Assets-items quickly converted to cash or that will be sold within 12 months cash checking savings stocks or bonds

Assets Non-current-items that have a useful life or more than one year land machinery breeding livestock

Liabilities Things that you owe money to other people for or debts Example: My Visa Stopped here ANS II

Liabilities Current-debts that are due to be paid this year fertilizer and feed bills tractor and building payments part of the mortgage due this year Non-Current-debts not due this year mortgages not due this year

Net Worth One’s assets minus their liabilities. You have $3000 in the bank, but you owe $1750 for your bills. Your net worth is $1250.00.

Net Worth Current Assets + Non-Current Assets=Total Assets Current Liabilities + Non-Current Liabilities=Total Liabilities

Inventory An itemized list of things owned by a business with the beginning value and depreciated value

Inventory Non-depreciable-items that will be used or sold within a year feed supplies

Inventory Depreciable-items that have a useful life of more than one year and lose value because of age, wear or becoming out-of date because of technology advancements. Land is NOT depreciable property tractor computer chainsaw

Profit and loss statement A financial statement of a business that reports the profit made by the business or the losses incurred.

Cash receipts Cash that is paid for services or merchandise.

Non-Cash receipts Payment for services in other ways than cash.

Invoice Shows items and prices for things that have been bought from a certain business.

Other business records Labor Materials Travel

Debt-to-Equity Ratio Used by banks and lending institutions to decide whether or not to lend money to specific people or businesses Debt-to-Equity Ratio = Total Liability Net Worth

School to Work Employment Plan Factors to consider when selecting a career: Standard of living pay, location Personal contact working with people or things? Educational Requirement Skills Required

School to Work Employment Plan Location of employment Your interest, likes and dislikes Working conditions Working hours and time for leisure activities Retirement benefits Your health and happiness

Steps in Choosing a Career 1. Consider your interest, abilities and characteristics” 2. Narrow the field of jobs 3. Study the requirements 4. Plan an alternative 5. Prepare a plan for preparation 6. Be willing to pay the price education, dedication 7. Get work experience!